Jingye Group demands compensation from UK over British Steel nationalisation

Jingye Group, the Chinese former owner of British Steel, demanded compensation from the UK government on Sunday for investment losses after the nationalisation of the manufacturer last week. In a WeChat statement, Jingye said the move tarnished the British government's credibility, spooked international investors, and caused great losses to its operations and British taxpayers. It demanded the UK stop 'trampling on international investment rules'. Jingye announced it had initiated negotiation procedures under bilateral investment agreements, reserving all rights including international arbitration, and said it would also represent British taxpayers in holding the UK government and British Steel's management legally liable. The company criticised the UK for providing 'almost zero compensation' despite Jingye's continuous investment and significant contribution. The UK government stated last week that an independent evaluation will determine whether any compensation will be paid to Jingye.